UGA vs. BNO
UGA (United States Gasoline Fund LP) and BNO (United States Brent Oil Fund LP) are both Oil & Gas funds - UGA tracks the Front Month Unleaded Gasoline while BNO tracks the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, UGA returned 14.74%/yr vs 11.27%/yr for BNO. Their correlation of 0.84 suggests significant overlap in exposure. UGA charges 0.75%/yr vs 1.00%/yr for BNO.
Performance
UGA vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, UGA achieves a 66.14% return, which is significantly higher than BNO's 47.88% return. Over the past 10 years, UGA has outperformed BNO with an annualized return of 14.74%, while BNO has yielded a comparatively lower 11.27% annualized return.
UGA
- 1D
- 4.14%
- 1M
- -5.40%
- YTD
- 66.14%
- 6M
- 62.36%
- 1Y
- 70.24%
- 3Y*
- 19.22%
- 5Y*
- 23.21%
- 10Y*
- 14.74%
BNO
- 1D
- 2.80%
- 1M
- -21.13%
- YTD
- 47.88%
- 6M
- 45.90%
- 1Y
- 43.47%
- 3Y*
- 18.48%
- 5Y*
- 16.63%
- 10Y*
- 11.27%
UGA vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGA United States Gasoline Fund LP | 66.14% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
BNO United States Brent Oil Fund LP | 47.88% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between UGA and BNO is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.84 |
The correlation between UGA and BNO has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.
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Return for Risk
UGA vs. BNO — Risk / Return Rank
UGA
BNO
UGA vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and United States Brent Oil Fund LP (BNO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| UGA | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.21 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.47 | 1.35 | +2.12 |
| Martin ratioReturn relative to average drawdown | 10.69 | 4.51 | +6.17 |
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Drawdowns
UGA vs. BNO - Drawdown Comparison
The maximum UGA drawdown since its inception was -86.59%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for UGA and BNO.
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Drawdown Indicators
| UGA | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -87.06% | +0.47% |
Max Drawdown (1Y)Largest decline over 1 year | -20.32% | -32.25% | +11.93% |
Max Drawdown (3Y)Largest decline over 3 years | -26.68% | -32.25% | +5.57% |
Max Drawdown (5Y)Largest decline over 5 years | -38.11% | -33.70% | -4.41% |
Max Drawdown (10Y)Largest decline over 10 years | -75.89% | -75.18% | -0.71% |
Current DrawdownCurrent decline from peak | -17.02% | -30.35% | +13.33% |
Average DrawdownAverage peak-to-trough decline | -36.69% | -40.09% | +3.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.59% | 9.66% | -3.07% |
Volatility
UGA vs. BNO - Volatility Comparison
The current volatility for United States Gasoline Fund LP (UGA) is 8.84%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.84%. This indicates that UGA experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGA | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.84% | 11.84% | -3.00% |
Volatility (6M)Calculated over the trailing 6-month period | 30.92% | 37.59% | -6.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.74% | 41.00% | -6.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.52% | 35.72% | -1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.24% | 36.70% | +0.54% |
UGA vs. BNO - Expense Ratio Comparison
UGA has a 0.75% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
UGA vs. BNO - Dividend Comparison
Neither UGA nor BNO has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, UGA and BNO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BNO has higher volatility (11.84%) compared to UGA (8.84%). In terms of maximum drawdown, UGA dropped -86.59% vs BNO's -87.06%.
On 10-year performance, UGA leads with 14.74% vs 11.27% for BNO. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 8.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.74% return vs 11.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 1.00% for BNO.
UGA and BNO have nearly identical dividend yields, around 0.00%.
UGA tracks Front Month Unleaded Gasoline, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Concierge Technologies and USCF Investments. Their fees differ too: 0.75% for UGA and 1.00% for BNO.
UGA currently has the higher Sharpe Ratio (2.03 vs 1.07), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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